All bonds of the same issue under this act [21-3-13, 21-3-14, 21-3-16 to 21-3-28 NMSA 1978] shall have a prior and paramount lien upon the income from the permanent funds and upon the income and current fund of the institution by which said bonds were issued, under and ahead of all bonds of any series secured by a pledge of said income, and said fund which may be subsequently authorized and over and ahead of all other claims or obligations of any nature against said income and said fund subsequently arising or subsequently incurred. All bonds of the [same] payment series issued under this act shall be equally and ratably secured without priority by reason of number, date of bonds, sale, execution or delivery, by a lien on said income and said fund in accordance with this act.
History: Laws 1941, ch. 208, § 15; 1941 Comp., § 55-2129; 1953 Comp., § 73-22-29.
Bracketed material. — The bracketed material was inserted by the compiler and is not a part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 51 Am. Jur. 2d Liens and Encumbrances § 5.
53 C.J.S. Liens §§ 4 to 17.
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